20-44 Personal Lines Agent PreXam Flashcards ALL SETS Highest-Rated Test Bank
4 views 0 purchase
Course
20-44 Personal Lines Agent Flashcards
Institution
20-44 Personal Lines Agent Flashcards
the cost to replace an item or property at the time of loss, minus depreciation - CORRECT ANSWER-Actual Cash Value (ACV)
a type of policy limit which limits coverage to a specified total amount for all losses occuring w/in the policy period - CORRECT ANSWER-Aggregate Limit
conviction of a 3rd...
20-44 Personal Lines Agent PreXam
Flashcards ALL SETS Highest-Rated
Test Bank
the cost to replace an item or property at the time of loss, minus depreciation -
CORRECT ANSWER-Actual Cash Value (ACV)
a type of policy limit which limits coverage to a specified total amount for all losses
occuring w/in the policy period - CORRECT ANSWER-Aggregate Limit
conviction of a 3rd degree felony, liability for all unpaid claims, suspencion or revocation
of all insurance licenses - CORRECT ANSWER-Aiding and Abetting an unathorized
insurer
insurer other than a domestic or foreign insurer - CORRECT ANSWER-Alien
"open perils" insurance - protecting the insured from loss arising from any peril other
than those perils specifically excluded by name - CORRECT ANSWER-All Risk
Insurance
the authority given by an insurer or employer to a licensee to transact insurance or
adjust claims on behalf of an insurer or employer - CORRECT ANSWER-Appointment
in the event the insured and the insurer cannot agree on amount of claim settlement,
each appoints an appraiser - CORRECT ANSWER-Appraisal Clause
policy transfer from one insured to another - CORRECT ANSWER-Assignment
one authorized by a subsisting certificate of authority issued by the department to
transact insurance in this state - CORRECT ANSWER-Authorized insurer
,an oral/written statement providing immediate insurance protection, valid for a specified
period. Designed to provide temporary coverage until a policy can be issued or denied -
CORRECT ANSWER-Binder
single amount of coverage applies to ANY loss of injury up to the single amount -
CORRECT ANSWER-Blanket Insurance
a method of determing the true insurable worth of a structure or vehicle according to
any measure that will prvoide the most accurate analysis of that property's value -
CORRECT ANSWER-Broad Evidence Rule
an originating general lines agent placing business w/ a company w/ which he/she is not
appointed - CORRECT ANSWER-Brokering Agent
monitors the conduct of insurers as it realtes to policyholder treatment - CORRECT
ANSWER-Bureau of Market Conduct
insurer may cancel only for non payment of premium, material misrepresentation or
fraud, or suspension or revocation of the DL or registration of vehicle. - CORRECT
ANSWER-Cancellation after 60 days of new policy or renewal
F.S states an insurer can cancel for any reason except discrimination with respect to
race, color, national origin, creed, marital status or sex. - CORRECT ANSWER-
Cancellation during the first 60 Days of a new policy
a company that provides risk mitigation services for its parent company - CORRECT
ANSWER-Captive Insurance Company
specifies what perils are insured against and lists exclusions. Several different versions
provide increasingly broad coverage from Basic to Broad to special. - CORRECT
ANSWER-Causes of Loss Form
- act as an insurer - transact insurance (directly or indirectly) - solicit insurance
applications If does so w/out certificate, commits 3rd degree felony - CORRECT
ANSWER-Certificate of Authority
,the head of the department of financial services, also known as the treasurer. -
CORRECT ANSWER-Chief Financial Officer
Merged together in 2001 from FRPCJUA and FWUA to provide a market for those
residential Properties unable to obtain Coverage in Voluntary market - CORRECT
ANSWER-Citizens
lower rates for insureds who insure a high percentage of the value of the subject
property - CORRECT ANSWER-Coinsurance
requires insured to pay part of loss if coverage is less than the specified percentage of
the value of the property at the time of loss FORMULA: Loss x (Limit of Insurance/Value
of Property x Coinsurance %) = Loss Settlement - CORRECT ANSWER-Coinsurance
Clause
Loss X Limits of insurance/value of property x coinsurance percentage = Loss
Settlement - CORRECT ANSWER-Coinsurance Formula
- foreign or alien insurer authorized to do business in this state - during 3 fiscal years -
written avg 25%+ direct premiums in this state than in state of domicile - direct
premiums are 55%+ of its total premiums written in U.S. during 3 fiscal years -
CORRECT ANSWER-Commercially Domiciled Insurer
reduces a plaintiff's damages by the plaintiff's degree of negligence - CORRECT
ANSWER-Comparative Negligence Rule
Property and liability insurance Policies are said to be conditional contracts because the
obligation OR the insurer to perform may be condition Upon the insured satisfying
Certain conditions. - CORRECT ANSWER-Conditional Contract
Parties are of un equal bargain power. and one party (the insured) cannot negotiate the
terms. having to take the offer of the other party (the insurer) as made - CORRECT
ANSWER-Contract of Adhesion
, if one contributed to their own injuries in any way, they could not recover a dime from
others - CORRECT ANSWER-Contributory Negligence Rule
when the majority of insurance written is for family members - CORRECT ANSWER-
Controlled Business
money amount w/ which liability insurance is concerned. - CORRECT ANSWER-
Damages
the section of an insurance contract which shows who is insured, what property or risk
is covered, when and where coverage is effective and how much coverage applies -
CORRECT ANSWER-Declarations
physical loss to tangible property - CORRECT ANSWER-Direct Loss
physical harm to property due to peril - CORRECT ANSWER-Direct Loss
insurance formed under the laws of this state - CORRECT ANSWER-Domestic
Insurance Company
the state/country/providence under the laws of which the insurer was formed -
CORRECT ANSWER-Domicile
a document which is attached to the policy and modifies or changes the original policy
in some way - CORRECT ANSWER-Endorsement
contribution based on the amount of policies regardless of their limits - CORRECT
ANSWER-Equal Shares
Employee Retirement Income Security Act - CORRECT ANSWER-ERISA
Greek word "Ethos", personal respect, ideals of service to others in an unselfish manner
- CORRECT ANSWER-Ethics
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller remojudytask. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.99. You're not tied to anything after your purchase.
